Replacement, Reconstruction, And Reproduction Cost

Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...

Same as term General Characteristics: attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is ...

Nominal interest rate minus the rate of inflation. ...

Coverage for less than one year. Insurers generally charge higher rates for short-term policies than for longer term insurance, such as an annual policy, because of the need to recoup ...

Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a ...

Excess coverage over the first layer of medical insurance to provide for catastrophic medical payments. The first layer may be either group or individual medical insurance, or an individual ...

1970 legislation that set federal standards for workplace safety and imposed fines for failure to meet them. A controversial law, it took much of the power from the states for regulating ...

Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposite of manual rates. Here the premiums ...

Option clause in a disability income policy that the insured can exercise that would permit the insured the right to purchase additional limits of coverage regardless of the insured's ...